Chapter 10 Risk Priority Model – Artificial Intelligence for Risk Management

CHAPTER 10

Risk Priority Model

Define the Goal

Define the goal of the model for the risk priority model.

Determine the risk priority based on calculation by multiplying impact by the probability occurrence. The priority will be based on all identified risks and their rankings. The highest ranking will have a priority of 1, and lesser rankings follow in decreasing order.

Data Collection

Data calculation for risk priority.

This value derives from calculations with no need to collect an additional dataset.

Design Algorithm

Design algorithm for risk priority.

Ranking builds on descending order of the calculated value. No need to train the model.

Train the Model

No need to train. If additional changes are needed to the risks and ranking, then recalculate and rank. Go back to the identify risk or threat model, the risk categorization/classification model, the predicting risk-impact score model, and the risk-probability occurrence model.

Test the Model

Test the model. If additional changes are needed to the risks and ranking, then recalculate and rank. Go back to the identify risk or threat model, risk categorization/classification model, predicting risk-impact score model, and the risk-probability occurrence model.

Evaluate the Model

No need to evaluate.

Publish/Produce the Model

No need to publish the model.

Conclusion

Risk priority is complete, based on calculations.